AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. The 15 per cent threshold was rather low and I think it had artificially created a differential between investor intent and regulatory burden. Mr. Bhandari is the principal founder and a leading shareholder of London based Monument Bank Limited ("Monument") which is a digital-first platform focused on providing financial services (with a Bank of England full-banking license) providing digital access to high-value services and technology solutions in various geographies around the world. And some of its potential can be realised through backward integration and consolidation in a market that is still fragmented and has few focused and committed players. Hes also our resident sommelier. Mintoo Bhandari, the India head of NYSE-listed alternative assets manager Apollo Global Management, is moving to a senior advisory role within the firm, a person familiar with the development told VCCircle. Our approach in India is focused on certain sectors. He is the Honorary Consul of the Republic of Mali in Singapore. We are also exploring and evaluating the credit markets in India. Founder of Monument Bank Ltd., Mintoo Bhandari presently is Managing Director at AGM India Advisors Pvt Ltd. Mr. Bhandari is also on the board of SOURCECORP, Inc., Apollo India Private Equity II (Mauritius) Ltd., Welspun Maxsteel Ltd. and Insight Solutions Ltd. All rights reserved. But that goes with Apollos DNA, which is a value investor, making contrarian investments in high-grown markets like India, says Mintoo Bhandari, Apollo Managements Senior Partner and MD of its local affiliate AGM India Advisors. Americas +1 212 318 2000. 161.97.131.216 Today, Dababy's reported net worth is around $7 million. Prior to joining Monument, he was a Senior Director at Publicis Sapient, where he worked with several Tier 1 banks, start-ups, and numerous other organisations. Before joining Apollo in 2006, he had . But in your hands, it can become so much more. In our deal flow development, we tend to be very outbound-oriented and try to stay in active dialogue with promoters in these sectors. In his spare time, hes probably assessing the risk of a recent news article if not cooking, wine tasting or wine collecting (he has a level-3 diploma from the Wine & Spirits Education Trust), reading and running. Co-founder, Mintoo Bhandari, will be passing the baton to Ian, and taking up a new role as Global Head of Corporate Development at Monument. If I can summarise what excites us about Welspun, it is the unique combination of positioning and potential. Bhandari will now be proactively work with Nobel Peace laureate Kailash Satyarthi and help his foundation raise money for social causes, the sources said. Organizzazioni che hanno offerto il loro contributo Agenzia internazionale per l'energia atomica (AIEA), Alliance for Global Water Adaptation (AGWA), AquaFed, Armenian Women for Health and Healthy Environment, Associazione internazionale degli idrogeologi (IAH), Associazione internazionale per l'ingegneria e la ricerca idroambientale (IAHR . He is also the Vice President of the Dyslexia Association of Singapore, Deputy Chairman of the Board of Trustees and Executive Committee of the Institute of South East Asian Studies (ISEAS). 07 Feb 2018. More recently, Anita has been focused on supporting digital start-up banks develop and execute their corporate strategy. The colleagues of Mintoo Bhandari. Prior to founding Monument, Mr. Bhandari was, until early 2018, Senior Partner of Apollo Global Management (NYSE APO) and Senior Partner & Managing Director of Apollos India vehicles: AGM India Advisors Pvt Ltd and AION Capital Partners. Manta Bhandari. Mr. Bhandari is a graduate with distinction of the Massachusetts Institute of Technology (Mech Eng, S.B. The world is going to get more competitive and efficient, and India must do the same if it is to develop its full potential. She has acquired a strong commercial outlook from senior roles in Strategy, Pricing and Acquisitions & Partnerships. What were able to do is combine this modern technology with exceptional client service.. It's the largest unserved market opportunity in the world today in financial services, the calmly-spoken founder explains, pointing to people with a net worth of between 250k and 5m (excluding their main property). Historically, when you think about this group, you might think about premier banking, says Bhandari. Read more: RBS abandons Monzo-challenger B. Mintoo Bhandaris bank is on a mission to help millionaires. 08 February 2018. They can raise equity and they can raise senior secured bank debt but there isnt much available in-between. Hes built, led and transformed businesses at HSBC, The Co-operative Bank (working on their well-publicised transformation) and the fintech, 10x Future Technologies. Download The Economic Times News App to get Daily Market Updates & Live Business News. Monument has raised 10m in seed funding so far. Read more: Starling CEO Anne Boden on Bounce Back loans and growing during COVID-19 pandemic. To be a successful investor in India, we believe that you have to have both a good promoter and a fundamentally good business. But stay where you are for your current account. So a lot of large institutions either retreated from the space or never really got adequate traction., The exception, in Bhandaris mind, is a particular well-known American credit card company that he praises for doing an excellent job in the space, but I think their model is still stuck in the 1980s and 1990s.. 4 Ed Sheeran - $2.4 million per show. The firm has appointed Mintoo Bhandari to head the India operations, who was till now a partner at the UK unit of Apollo Management. He had also worked with Harvard Management Company, which manages the endowment of Harvard University. Wasim is obsessed with two things: a client-first approach and use of modern technology to deliver our strategy. So the opportunity to invest in sizeable private companies is much more limited here than it is in many other markets across the globe. In addition to Apollo Global Management, Bhandari led Aion Capital Partners, which is a joint venture between Apollo Global Management and ICICI Bank. Mintoo is currently living at 8228 Verbeck Driv, Manlius, NY 13104-9320. Mintoo has more than 25 years experience in investment management, credit origination, execution and oversight of financial institutions. Mintoo Bhandari. Conor is all about tailored lending solutions for you. All we're doing is saying, come to us for service, come to us for better deposit rates, come to us for complex lending.. He led, developed and oversaw . In his spare time, he will be playing superhero themed Lego. But we believe that the best promoters are those who put a premium on having the right partner, rather than a placid market. Mintoo Bhandari is currently associated with Welspun Enterprises Limited appointed as Nominee Director and the paid-up capital Welspun Ente See More. The acquisition of one of the largest credit operations in India, GE Capital India, through the AION fund and then rebranded Clix Capital. She brings with her 21 years of financial services and regulated markets experience from ING Direct UK, Friends Life, Aviva and Entain. Much of what Bhandari describes is unproven, and hes frank that the banks plans will certainly change and evolve as it comes to market. In India, Mr. Bhandari was involved with several industrial, media and financial services opportunities, and also formed ARCION, an asset reconstruction company. Excerpts: What attracted you to invest in Welspun? Even in the post-financial crisis world, where banking licences have become somewhat easier to obtain, its still a rare pleasure to meet a banks founder before its even launched. These are the sectors which Apollo knows well globally and therefore, we are confident of adding value to those here in India. You can email the site owner to let them know you were blocked. A strong advocate of a fairer financial services market, she sits on the Customer Advisory Board of Fairer Finance. Some of the sectors that we focus upon, partially for the reasons I have just mentioned, are chemicals, oil & gas, metals and mining, financial & business services and media distribution. Fundamentally that slashes Monuments cost base, and positions the bank more as a high-touch property lender than a jack-of-all-trades current account provider. But some regulatory changes are required to make this happen. Her positivity and energy is vital to our team and her desire to do a good job shines through. One factor that also distinguishes our approach to investing is our focus on value. Instead the mass affluent sit just above the DIY retail market and might need extra service and support to deal with their increasingly complex financial lives. This website is using a security service to protect itself from online attacks. Anita is a member of Women on Boards UK and holds a BSc degree in Psychology from the University of Durham. The start-up evolved out of a belief that the mass affluent have gone "largely unaddressed by the [UK's] challenger bank boom". Mintoo graduated from MIT with a S.B. Her experience spans international blue-chip companies in retail and consumer finance, and payments, including 16 years at Visa. Were here for our clients and the level of service they deserve. "I actually experienced the pain. At its basics, its banking. They really didnt appreciate and respect our time. In her banking career, Fiona worked for Barclays, Daiwa Europe Bank, NatWest Capital Markets and most recently, Goldman Sachs. Age : 57. Niall was educated at Glenalmond College and at Gonville and Caius College, Cambridge. And we are indeed fortunate Andrew has won the Sunday Times award for Non-Executive Director of the Year in the public/not for profit sector. But, in the grand scheme of things, he is one of the highest-paid rappers of all time per show. In India, most companies of any scale are already publicly traded. However, it is not as easy as it might sound; its a big challenge and requires substantial effort. Prior to that, he spent 7 years at Barclays Wealth in the UK. United Kingdom, Alternative Lending During A Downturn Report, Monument launches market-leading 5-year 2.2% savings rate (if youre wealthy enough), Monument co-founder hands over CEO role to ex-Barclays boss "to scale the bank", New neobank Monument readies for launch after regulator lifts restrictions, Monument Bank founder: Mass affluent banking is our path to profitability in 24 months, New digital bank for the rich Monument secures restricted UK banking licence. Mintoo Bhandari, a former managing director at Apollo Global Management, is leading the venture alongside Brooker. There will always be rise and fall in transaction volumes in sync with enthusiasm level and capital availability in the markets. Monuments plan is to do mass affluent banking better, and to reach profitability within 24 months of launch. In addition, AltFi runs major industry events around the world. We and many other private equity firms active in India recognise that there may be an opportunity in providing more flexible financing. This byline is mine, but I want my name removed. Rand takes the reins from Mintoo Bhandari, current CEO and co-founder, who has led Monument from its inception to the achievement of full banking licence and commercial launch late last year.. These sectors include chemicals, oil & gas, metals and mining, financial & business services and media distribution. In his spare time, you might find him working on charitable initiatives or in the gym. Mintoo is a graduate of the Massachusetts Institute of Technology (Mech Eng, S.B. Of course, no Welspun pipes were involved but the incident generally sensitised the public to the need for fail-proof, high-quality systems in the oil & gas space. The Covid-19 pandemic upended life as we knew it, crippled global economies and changed how we all . January 26 2023. Ian has worked in finance for over 20 years, most recently leading Business Banking at Barclays, and during his career has developed 2 passions for clients, and the technology that helps them fulfil their ambitions. With a career stemming from hospitality (including hotels and serviced offices), she brings a lot of experience in providing excellent service to the team and our visitors. But an investment firm considering these markets has to develop a carefully tailored strategy for each market, as they are very different. Delivered Monday 9am EST/ 6am PST. At Monument, he is determined to build a world class, plug-and-play banking platform. FOUNDER, HEAD OF GLOBAL INSTITUTIONAL RELATIONSHIPS Mintoo spent most of his career as an investor, building teams, and developing forward thinking institutions. Erdi holds a Bachelors degree in Computer Programming from Bahcesehir University in Istanbul, Turkey. She joined us from London Executives Offices where she was a Deputy Manager. Market swings in the USA directly impact the Indian markets and just like the USA, the velocity of transactions diminishes when there is volatility and downward pressure in the Indian markets. Mr. Bhandari is also currently active in various charitable and social impact initiatives including serving as Strategic Advisor to Kailash Satyarthi (Awarded Nobel Peace Prize, 2014), and is the Chairman of the UK Kailash Satyarthi Childrens Foundation, co-founder of the Freedom Fellows Scholarship Program and former member of the Finance Committee and Council of Governors of UCL (University College London), one of the leading institutions of higher learning in the UK. He has a big vision and great personal drive to achieve a tremendous amount. EC2R 8EJ We have a real estate effort here and a team entirely focused on that sector. And the fact that so many pools of capital in India are excluded from investing in infrastructure is not helpful. Feike is a Dutchman who has lived and worked in the UK for 14 years. Bhandari said RBSs recent decision to shut its digital challenger bank Bo was a good example of how big banks lack the culture to build these things. Multiple digital-first, app-only banks have launched in the UK in recent years but most have targeted ordinary current account holders or businesses. Niall is also the Chairman of the College Council at Glenalmond College and a NED at Non-Standard Finance. He has also held senior fiduciary, asset management positions at the world's largest university endowment (Harvard University) and Apollo Global Management ("APO" - NYSE). Another entrepreneur in residence. Martin is currently a NED at Oakbrook Finance and was Chairman of Castlight Financial until very recently when it was acquired by Equifax. He is also the Chair at Which? And if not, you will find him in the theatre with a glass of wine. Minda Corp moves competition watchdog for buying stake in rival, Two suitors left as race narrows for TPG's stake in green energy firm, Prolific angel investor Rajesh Sawhney's GSFshown red signal for delayed VC fund, PE firm WestBridge Capital bumps up stake in private lender, Grapevine: Tiger Global exits Freshworks; Cred's Shah taps GIC for new NBFC, World Bank set to launch more robust, transparent business climate rankings, Apollo Globals Mintoo Bhandari takes on advisory role, to move to UK. Close to home, our portfolio companies may not deliver on their potential if the infrastructure does not improve. These arent ultra-high net worth individuals, multi-millionaires who might outsource their finances to money managers. Our technology leader. Mr. Bhandari joined Apollo in 2006. Ioannis holds a BA(Hons) in Economics from Durham University. See Photos. Helene is also a Trustee on the EDHEC Business Schools foundation. What do you think of it? Mintoo also has significant experience in customer service and outsourcing industries as a Board Member of Integreon and SourceCorp, among others, and gained exposure to the large-scale consumer service delivery as a Board Member of DishTV India. A London Business School professor (and former Dean), who has also had a very successful career in commercial life and government. Since both your investments are in listed companies, is Apollo Management more focused on PIPEs in India? So, at times, the hardest work is to verify that a company is well-positioned in reality and that it is not just the rising tide that is colouring our perception. We have built Monument from the ground up, precisely for this community. Works at Study (chess) Lives in Ludhiana, Punjab, India. Sure, Lil Wayne is way behind Taylor Swift and Beyonc. She also runs her own business and property development company. He claims its with his son; but the jury is out. If there are additional opportunities and companies that fit these criteria within a promoter group in which Apollo has invested, it obviously is easier to pursue an investment in them as we already have the comfort level and confidence in the promoter and the team. Helene brings a 30-year career in Financial Services, most recently as CFO at Capital One UK and of European CFO at EVO Payments. He has worked on cutting edge, highly interactive applications and advergames on mobile and web platforms with an obsession with writing clean code. Bhandari is also keen to devote more time to the social sector and will work closely with Nobel laureate Kailash Satyarthi and Harvard Endowment Fund, said the person cited above. More recently this has included Chief Architect and Strategy & Architecture Director roles at WorldRemit, a digital remittance FinTech, and Shawbrook Bank a specialist Lending & Savings provider. For a year or so before the investment, we were interacting actively interacting with BK Goenka. Whilst a risk specialist, Nihars main hobby is building and growing banks. He is currently working on how to improve human judgement in public and private life. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. There are a few notable exceptions, though, such as telecom towers, power, infrastructure and real estate, in which there are sizeable private companies and these sectors do appear to be in need of significant private equity over the coming years. Photo: Monument A new digital-only bank backed by City of London veterans and targeting the UK's "mass affluent" is set to launch. In his spare time Steve doesn't know how to relax, preferring instead a range of strenuous outdoor activities, over-ambitious DIY projects and researching his next gadget purchase. Monument claims to be the first digital challenger in the mass affluent space. But really, its just burning calories before dinner. But it isnt always easy, for organisational or other reasons, to pull the trigger when markets are choppy. Property of Mosaic Media Ventures Pvt. Customers can also track their net worth and source advice on things like property law and inheritance. He lives in London, England with his wife and two daughters. Prerna joined Monument's mobile team as an Android Developer focused on delivering innovative product features. EC2R 8EJ Sav is a Dad to two football mad boys; most of his spare time is spent taking them to football training, futsal training and football matches. How did the transaction come about? Apollo never does hostile takeovers; we only do friendly deals. United Kingdom, Alternative Lending During A Downturn Report, Revolut and Atom Bank investor slashes fintech valuations, Female Invest: Meet the women taking on the gender finance gap, Gradual homeownership fintech Wayhome raises 8m Series A, Klarna positions itself as more than BNPL with suite of AI-powered tools, ClearBank appoints ex-PayPal and WorldPay exec as new CPO. Do you see more opportunities during this current uncertainty? Khouri compared big banks IT systems to a spaghetti of integration and said Monuments systems were more Lego-like, combining best in class cloud services. In her spare time, Federica loves to go the gym to practice Barre, Yoga and Pilates. For his contributions to Society and to the business community, he was bestowed the PBM (Pingat Bakti Masyarakat The Public Service Medal) by the President of the Republic of Singapore in 2009. Fintech. Sav joined Monument as he was drawn to the unique blend of technology with a human touch and he has always wanted to build a robust lending book from the ground up. People who expect their loyalty to be rewarded and seek the service they deserve. What is less well known is that the Monument was also designed as a landmark scientific instrument a giant telescope to advance knowledge. Part of his vision is to improve margins further and he believes that one way to accomplish this is through backward integration, which will lead to greater stability of supply, greater control over quality, better margins and ultimately, as we hope, a more dominant position in the global market. In the past Mr. Bhandari was Director & Global Head-Corporate . In the Banking industry, Mintoo Bhandari has 83,692 colleagues in 4,890 companies located in 188 countries. The project has drawn funding from City of London veterans including former Panmure Gordon chief executive Ian Axe and London property developer Chris Murray. In many such cases, it would be in the best interest of the public shareholders to offer them a fair and clean exit. Corporate author : UNESCO World Water Assessment Programme Person as author : Connor, Richard [author] Person as author : Coates, David [author] In his spare time, he is with his young family or serving as Trustee of the European School of Osteopathy. And the banks lending will be funded by a range of savings products, from easy access to fixed savers, with Monument taking a quite attractive spread in the middleclassical 1,000-year-old banking is how Bhandari describes it. Our core focus is on disruption to lending, banking and investing, including alternative lending, challenger banks and digital wealth management. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under FRN 849724. With over 20 years of experience, Graham has worked as Operations Manager at Thomson Reuters and Alibaba and brings his wealth of experience to Monument. For nearly three decades, Anita has played a crucial role in driving organisational performance at some of the UKs leading financial services institutions. Before joining Apollo in 2006, he had worked with The View Group, an India-focused private equity firm investing $1-$3 million per transaction. Ltd. Get daily update with our newsletter Subscribe Now ! All the demands were on us as clients rather than on the bank., READ MORE: Starling Bank seeks 35m in new competition funding: 'We're a safe pair of hands'. Mr. Bhandari is the principal founder and a leading shareholder of London based Monument Bank Limited (Monument) which is a digital-first platform focused on providing financial services (with a Bank of England full-banking license) providing digital access to high-value services and technology solutions in various geographies around the world. Enter Mintoo Bhandari, the founder and managing director of Monument, a newly-licenced and freshly-funded digital bank aimed at lending millions to the "mass affluent" at the touch of a button, all through their mobiles. Prior to joining Apollo in 2006, Bhandari was managing director at The View Group. Your daily 7am download of all things alternative finance and fintech. Also, Welspun has great leadership and a deep, capable team committed to continuous improvement and accomplishment. We had heard it from numerous industry participants and we also verified it from some of Welspuns customers that the company produces superior quality pipes. Others on the management team at Monument have held senior roles at Barclays and UBS. Monument Banks app will allow customers to video call and chat with relationship managers, as well as apply for buy-to-let property loans entirely digitally. We think that there will be very attractive opportunities in the arena but they will have to be pursued carefully as the sector still has some challenges ahead. Mr. Rajaram is Chairman of Millennium Spire Investment Holding Ltd. and Chairman at K&L Gates Straits Law LLC. Fiona has a varied portfolio of Non-Executive Director roles including Melton Building Society, Nexa Finance, and VisitEngland. He is helping to build a world class, plug-and-play banking platform at Monument. DaBaby's reported annual income is more than $500,000 per year and over $45,000 each month. We think there will be significant benefits to companies if the market has a wide variety of options. Mintoo has finished Mintoo's high school education. Minda Corp moves competition watchdog for buying stake in rival, Two suitors left as race narrows for TPG's stake in green energy firm, Prolific angel investor Rajesh Sawhney's GSFshown red signal for delayed VC fund, PE firm WestBridge Capital bumps up stake in private lender, Grapevine: Tiger Global exits Freshworks; Cred's Shah taps GIC for new NBFC, World Bank set to launch more robust, transparent business climate rankings, In India, Apollo Is A Contrarian Investor: Mintoo Bhandari.